The global automotive financing services market is anticipated to grow at a considerable CAGR of 9.2% during the forecast period (2024-2031). The rapid shift of consumers towards electric vehicles due to rising rates of conventional vehicle fuels is generating new opportunities for the market. According to the International Energy Agency, more than 10 million electric vehicles are on roads in 2020. The Electric Vehicles Initiative (EVI) is a policy forum launched by the governments of Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, and the United Kingdom to accelerate the adoption of electric vehicles. Such supportive government initiatives are expected to further propel market growth during the forecast period.
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Market Coverage
- Segment Covered-
o By Vehicle Condition
o By Source Type
o By Finance Type
o By Vehicle Type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Hitachi Ltd., Bank of America Corp., Ford Motor Credit Co., Toyota Financial Services, Volkswagen Financial Services
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Automotive Financing Services Market Report Segment
By Vehicle Condition
- New Vehicles
- Used Vehicles
By Source Type
- OEMs
- Banks
- Others (including credit union and financial institutes)
By Finance Type
- Direct
- Indirect
By Product Type
- Passenger Vehicles
- Commercial Vehicles
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